Block had 24 patents in regtech during Q4 2023. Block Inc filed patents related to a method for processing payment transactions when unable to access a remote payment service system, and using machine learning models for fraud reduction and determining incentives for users based on collected data. GlobalData’s report on Block gives a 360-degreee view of the company including its patenting strategy. Buy the report here.
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Block grant share with regtech as a theme is 62% in Q4 2023. Grant share is based on the ratio of number of grants to total number of patents.
Recent Patents
Application: Transaction processing by multiple devices (Patent ID: US20230316255A1)
Block Inc. has filed a patent for a method that involves receiving data indicating a payment transaction between a merchant and a customer at a merchant-facing portion of a payment system, even when the system is unable to access a remote payment service system. The method includes storing the payment transaction on the merchant-facing portion and transmitting transaction information to the remote payment service system for processing once access is restored. Additionally, the system may execute a risk heuristic model to determine the approval status of the payment transaction based on various factors like transaction value and quantity.
The patent also describes a system with processors and computer-readable media that enable the method outlined above. The system allows for the dynamic modification of a risk heuristic model by the remote payment service system and the encryption of payment transactions before storing them. Furthermore, the system can receive responses from the remote payment service system indicating the acceptance or rejection of the stored payment transaction. The physical connection between the customer-facing and merchant-facing portions of the payment system can be either via a data cable or a cableless connection, facilitating communication between the system components.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
